Mantra, known as the second real-world asset token after Chainlink, nosedived more than 90% over the past 24 hours.

Here’s what we know.

Just a couple of days ago, Mantra (OM) touted a 640% gain in 12 months. At last check, its $6-billion market cap fell to about $485 million.

Patrick Mullin, Mantra’s CEO, recently spoke to crypto.news about being a fully compliant, end-to-end ecosystem for RWA tokenization and trading. The company, fresh from securing a VASP license from Dubai’s VARA, had plans to legally operate as a virtual asset exchange.

Its unclear whether the recent downtrend will stymie those plans.

MANTRA Ecosystem Fund

Mantra’s newly launched fund, MEF, has been established to support RWA and DeFi projects globally for over four years.

The company, which offers OM-token grants and capital investments, remained focused on lending/borrowing, trading, asset management, derivatives, and infrastructure.

Mantra also inked a $1-billion tokenization deal with DAMAC Group, covering real estate, hospitality, data centers.

The company had several initiatives in the works, but the crypto X community was quick to point out several developments that they perceived as problematic.

One research analyst known as Choze compared Mantra’s free fall to the May 2022 collapse of the Terra ecosystem.

“Welcome to Terra Luna V.2,” Choze tweeted to 20,000-plus followers.

“For those wondering, the $OM team dumped their entire allocation,” Choze added. “That’s 90% of the total circulating supply, gone. They also deleted Mantra’s official Telegram group. Just like that, $3.5 billion in market cap vanished.”

TrimBot, who describes himself as an RWA bull, blasted Mantra as “pure market manipulation.”

Crypto.news attempted to contact a Mantra spokesperson via its website, but was unsuccessful. It was not clear whether the startup’s web page was down or not accepting media inquiries.

More on MEF

“With the MEF, we’re not just writing checks—we’re building a strategic on-ramp for the next wave of blockchain innovation,” Mullin said in a prepared statement earlier this month.

“This fund will serve as a growth engine, giving founders access to capital, infrastructure, and a deep regulatory support network,” he added.

The MEF is supported by a global coalition of capital partners, including Laser Digital, Shorooq Partners, Brevan Howard Digital, Valor Capital, Three Point Capital, Amber Group, Manifold, UoB Venture, DAMAC, Fuse, LVNA Capital, and Forte.

Crypto.news attempted to reach Three Point Capital but was unable to submit an inquiry.

This is a developing story. Stay tuned for more coverage.

A closely followed crypto analyst believes one meme token operating on Solana (SOL) is in the early stages of a market recovery.

Pseudonymous analyst Altcoin Sherpa tells his 243,800 followers on the social media platform X that he’s bullish on the memecoin Bonk (BONK).

The trader shares a chart suggesting that BONK will face resistance at the $0.000012 level before printing a bullish higher low setup and rallying to his target above $0.0000145.

“BONK is looking strong in the short term, and should go higher. Should be a pullback around the 200 EMA (exponential moving average) on the four-hour chart but still, I think this has pulled back enough to where any buying down here is probably reasonable.”

At time of writing, BONK is worth $0.00001376.

Turning to the low-cap altcoin Alchemist AI (ALCH), the analyst says the coin appears to be in an uptrend and that he’s waiting for potential dips to accumulate the asset.

ALCH is an artificial intelligence (AI)-based crypto project that allows users with no coding skills to generate codes by providing natural language descriptions.

Says Altcoin Sherpa,

“ALCH still seems like a really strong chart, don’t see it being mentioned much. I think it’s basically taken the place of ARC; a super volatile AI coin that moves 20% a day. Not in it but traded it a lot before; will look to buy dips.”

At time of writing, ALCH is the 431st-largest crypto asset by market cap, trading at $0.109.

Looking at Bitcoin, Altcoin Sherpa thinks that BTC will continue to consolidate within a large trading range in the short to mid-term.

“Expecting there is some sort of chop between $70,000-$90,000 over the next several weeks for BTC. Relative bottom probably in, but still some more consolidation to come.”

At time of writing, Bitcoin is trading for $85,366.

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Cybersecurity researchers have shared details of a malware campaign targeting Ethereum, XRP, and Solana.

The attack mainly targets Atomic and Exodus wallet users through compromised node package manager (NPM) packages.

It then redirects transactions to attacker-controlled addresses without the wallet owner’s knowledge.

The attack begins when developers unknowingly install trojanized npm packages in their projects. Researchers identified “pdf-to-office” as a compromised package that appears legitimate but contains hidden malicious code.

Once installed, the package scans the system for installed cryptocurrency wallets and injects malicious code that intercepts transactions.

‘Escalation in targeting’

“This latest campaign represents an escalation in the ongoing targeting of cryptocurrency users through software supply chain attacks,” researchers noted in their report.

The malware can redirect transactions across multiple cryptocurrencies, including Ethereum (ETH), Tron-based USDT, XRP (XRP), and Solana (SOL).

ReversingLabs identified the campaign through their analysis of suspicious npm packages and detected multiple indicators of malicious behavior including suspicious URL connections and code patterns matching previously identified threats. Their technical examination reveals a multi-stage attack that uses advanced obfuscation techniques to evade detection.

The infection process begins when the malicious package executes its payload targeting wallet software installed on the system. The code specifically searches for application files in certain paths.

Once located, the malware extracts the application archive. This process is executed through code that creates temporary directories, extracts the application files, injects the malicious code, and then repacks everything to appear normal.

The malware modifies transaction handling code to replace legitimate wallet addresses with attacker-controlled ones using base64 encoding.

For example, when a user attempts to send ETH, the code replaces the recipient address with an attacker’s address decoded from a base64 string.

The impact of this malware can be tragic because transactions appear normal in the wallet interface while funds are being sent to attackers.

Users have no visual indication that their transactions have been compromised until they verify the blockchain transaction and discover funds went to an unexpected address.